Terms of Credit Card Plans Survey and Consumer and College Credit Card Agreements

ICR 202108-3170-002

OMB: 3170-0001

Federal Form Document

Forms and Documents
Document
Name
Status
Form
New
Supplementary Document
2021-10-08
Supplementary Document
2021-10-08
Supplementary Document
2021-10-08
Supporting Statement A
2021-10-08
Supplementary Document
2021-09-21
Supplementary Document
2021-08-20
IC Document Collections
ICR Details
3170-0001 202108-3170-002
Received in OIRA 201905-3170-004
CFPB
Terms of Credit Card Plans Survey and Consumer and College Credit Card Agreements
Revision of a currently approved collection   No
Regular 10/08/2021
  Requested Previously Approved
36 Months From Approved 08/31/2022
1,990 490
362 63
0 0

Terms of Credit Card Plans Survey The Terms of Credit Card Plans (TCCP) Survey was implemented in February 1990 as required by Section 5 of the Fair Credit and Charge Card Disclosure Act (FCCCA) of 1988. Each respondent provides information about its credit card plan with the largest outstanding number of cards. The FCCCA required the Federal Reserve to collect this information semiannually from the largest 25 issuers of credit cards and at least 125 additional institutions in a manner that ensured both an equitable geographic distribution within the sample and representation of a wide spectrum of institutions. The Federal Reserve was further directed to make the credit card price information for each institution available to the public upon request and to report the information semiannually to Congress. Consumer Credit Card Agreement Quarterly Submission On July 21, 2011, the Bureau assumed responsibility under the CARD Act for the quarterly collecting of credit card agreements in a publicly available database. Pursuant to 12 CFR 1026.58 and 15 U.S.C. 1632(d)(2)–(3), collection is mandated for all issuers (subject to de minimis exceptions), and the scope of the mandate may require submission of multiple different agreements for each issuer. See 15 U.S.C. 1632(d)(2) (“Each creditor shall provide to the Bureau, in electronic format, the consumer credit card agreements that it publishes . . . .”) (emphasis added); id. at 1632(d)(3) (“The Bureau shall establish and maintain on its publicly available Internet site a central repository of the consumer credit card agreements received from creditors pursuant to this subsection, and such agreements shall be easily accessible and retrievable by the public.”) (emphasis added). College Credit Card Agreement Annual Submission This collection is made pursuant to the CARD Act requirement, codified at 12 CFR 1026.57(d); 15 U.S.C. 1637(r). Every year, the CARD Act requires the Bureau to collect agreements in place between credit card issuers and institutions of higher education, as well as certain summary data about the credit cards offered pursuant to these agreements. See 15 U.S.C. 1637(r)(2)(A) (“Each creditor shall submit an annual report to the Bureau containing the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with an institution of higher education, or an alumni organization or foundation affiliated with or related to such institution, with respect to any college student credit card issued to a college student at such institution.”). The CARD Act requires the Bureau to submit to Congress, and to make available to the public, an annual report that lists information submitted to the Bureau concerning agreements between credit card issuers and institutions of higher education or certain affiliated organizations. See id. 1637(r)(3) (“The Bureau shall submit to the Congress, and make available to the public, an annual report . . . .”). Affiliated organizations include fraternities, sororities, alumni associations, or foundations affiliated with or related to an institution of higher education. The Bureau provides this centralized repository on its website and also submits to Congress and publishes an annual report each year based upon the submitted data.

PL: Pub.L. 100 - 583 5 Name of Law: Fair Credit and Charge Card Disclosure Act of 1988, as amended
   PL: Pub.L. 111 - 203 1100A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 15 USC 1646(b) Name of Law: Truth in Lending Act
  
None

Not associated with rulemaking

  86 FR 27567 05/21/2021
86 FR 52447 09/21/2021
No

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,990 490 0 1,500 0 0
Annual Time Burden (Hours) 362 63 0 299 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
The Bureau is incorporating the reporting requirements of OMB Control Number 3170-0052 (titled “Consumer and College Credit Card Agreements”) into OMB Control Number 3170-0001. Upon approval of this request, the Bureau will move to discontinue OMB Control Number 3170-0052 because it will be comprised entirely of duplicated response burden. The program change results in an additional 1,500 responses and 299 hours of annual burden are entirely due to the incorporation of OMB Control Number 3170-0052 reporting requirements into OMB Control Number 3170-0001. The Bureau is making no further programmatic changes to either OMB Control Number 3170-0001 or the incorporated reporting requirements.

$0
No
    No
    No
No
Yes
No
No
Anthony May 202 502-6458 [email protected]

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
10/08/2021


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